L&L Selected Ernst & Young Advisory Services to Support its Independent investigation
L & L Energy (NASDAQ: LLEN) today announced that the Company's Special Independent Committee (the "Committee") has selected Ernst & Young Advisory Services Limited ("EYASL") to support its independent investigation. Management also provided an update on its communications with NASDAQ.
Engagement of Ernst & Young Advisory Services Limited
On September 20, 2013, the L&L Board of Directors formed a Special Independent Committee to conduct a review of the allegations made by the short seller blog released on September 19, 2013. Mark Bartlett of Davis Wright Tremaine ("DWT") was retained by the Committee as its legal counsel. The Committee authorized DWT to engage EYASL to conduct independent forensic investigative procedures, which will assist the Committee's investigation into the short seller allegations.
Management Provides Update on Communications with NASDAQ
On November 18th, NASDAQ's staff placed a T-12 trading halt on L&L's common stock pending requests for additional information. The Company has responded and L&L's senior management met with NASDAQ officials at their offices in Rockville, MD on January 6th. During the meeting L&L's Chief Financial Officer, Mr. Ian Robinson, shared information from his recent